There was an excerpt posted today on the Four Hour Workweek blog from a new 81-page book: A Few Lessons for Investors and Managers from Warren E. Buffett.
I love succinctness, and you can’t get much better than distilling the essence of “what Charlie and I have been saying over the years in annual reports and at annual meetings” into 81 pages.
Here’s one of my favorite sections:
THE REALLY GREAT BUSINESS: High returns, a sustainable competitive advantage and obstacles that make it tough for new companies to enter
A truly great business must have an enduring “moat” that protects excellent returns on invested capital. (2007)
“Moats”—a metaphor for the superiorities they possess that make life difficult for their competitors. (2007)